List of Countries That Have Pulled Gold From US Federal Reserve

The Netherlands has begun relocating a significant portion of its gold reserves from the United States and Canada to London, marking yet another step in a broader shift by European nations away from U.S.-held gold. According to the Dutch Central Bank (DNB), the move involves approximately 86 tons of gold, representing 27.5% of the country’s total gold holdings previously stored in New York and Ottawa. This decision comes amid rising geopolitical tensions and a desire to ensure greater access to gold in times of crisis. The gold is now being held in the vaults of the Bank of England, which the Dutch bank described as meeting modern international trade standards and thus being “the world’s most easily tradable gold.” The relocation reflects a strategic effort to enhance financial resilience. The DNB stated that spreading its gold reserves across different regions, North America, the UK, and the Netherlands, helps mitigate risks and ensures liquidity in emergencies. Before the move, the Netherlands held 31.3% of its gold in New York and 19.7% in Ottawa. Following the transfer, both locations hold 18.5% of the country’s gold, while London’s share has increased from 18.1% to 32.1%. Approximately 30.8% of the DNB’s gold remains in the Netherlands. This action is not isolated. Earlier this year, France followed suit, removing 129 tons of gold from the Federal Reserve Bank of New York between July 2025 and January 2026. The French central bank sold the gold and reinvested the proceeds in new, compliant gold within Europe, ensuring it is now stored in Paris alongside the remaining 2,437 tons of French reserves. France’s move was part of a larger effort to reduce reliance on U.S. infrastructure and align with evolving global trade norms. Germany, too, has taken steps toward repatriating its gold. In 2017, the Bundesbank transferred 300 tons of gold from the Federal Reserve Bank of New York to Frankfurt, aiming to consolidate most of Germany’s reserves domestically. Although 36.6% of Germany’s gold stock remains in New York, the country has long sought to minimize its dependence on U.S. storage facilities. Similarly, Italy continues to hold over 43% of its gold reserves in the United States, though political pressure has mounted to bring those reserves back. Other nations with substantial gold holdings in the U.S. include Lebanon, which estimates that 40% of its gold is stored in New York, and India, which maintains gold in multiple foreign vaults, including New York. However, several countries have already repatriated portions of their reserves. For example, under President Hugo Chávez, Venezuela returned approximately 160 tons of gold from foreign banks, including the U.S., to Caracas by early 2012, citing national sovereignty and protection against global economic instability. The decision by the Netherlands to move gold to London underscores growing concerns about the reliability of U.S. institutions, particularly in light of trade disputes and shifting geopolitical dynamics. While the U.S. remains the world’s largest holder of gold with 8,133 tons, many nations are increasingly prioritizing diversification and accessibility. The Bank of England, as a key player in global gold markets, offers a more centralized and liquid alternative, especially in times of uncertainty. The process of relocating gold involves both physical transportation and financial transactions. Some of the gold was physically transported from New York and Ottawa to the Netherlands, while other portions were sold in New York and repurchased in London to meet compliance standards. This dual approach allows for flexibility while adhering to regulatory requirements. The move by the Netherlands echoes similar actions by other European central banks. As noted by Goldman Sachs researchers, some European institutions moved gold to New York during the Cold War, highlighting a historical pattern of adjusting gold placement based on global stability. However, current motivations differ slightly, with inflation, interest rates, and the need for rapid liquidity playing a role alongside geopolitical considerations. Governor of the Dutch Central Bank, Olaf Sleijpen, emphasized that while the bank does not anticipate needing to use the gold immediately, the goal is to strengthen resilience and preparedness. He acknowledged the importance of maintaining a presence in New York but stressed the value of holding reserves in locations that offer greater operational efficiency and security. As the trend of repatriation gains momentum, the implications for global finance remain unclear. While some experts suggest that the movement reflects improved understanding of asset management, others caution that it may signal deeper anxieties about the future of U.S. influence in global markets. Regardless, the ongoing reallocation of gold highlights a fundamental shift in how nations approach financial security in an increasingly unpredictable world.